About First-Time Car Buyer Programs for College Students

Written by Mark Hergert

Published on 28 July 2012
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First-Time Car Buyer Programs

Going to college is an exciting yet frightening time for mostteenagers. One of the primary benefits of graduating high school andattending college is independence. Without a good car, independence isdifficult to achieve. Relying on buses, subways, rides from friends orworse family members is a good way to feel that your growth is being stunted.

Buying a car will not only give you independence, but also help buildyour credit rating. A good credit report is essential to your futurein countless ways. These days, many potential employers will checkyour credit to judge whether you are an honest person. As unfair as itsounds, such people will not believe you are a trustworthy person ifyou pay your bills late or do not pay them at all. So, be sure toalways make your monthly car payments on time to avoid creditproblems. Also, if you do not pay a car loan on time the bank canrepossess your vehicle. Thus, you will lose all the money you’veinvested into your vehicle as well as your transportation.

If you have a good part-time or full-time job and been with the same

employer for at least six months, you can probably get a car loanwithout a co-signer. This is great because you are truly assertingyour independence. But if you do not have a steady job, you will needto ask a parent or another family member to apply for the loan withyou. If you fail to make the payments, the lender will pursue the debtwith the person who co-signed on your behalf.

Most car lenders want to see good credit before issuing a loan thatrequires little to no down payment. The beauty of first-time car buyerprograms for college students is that you can get a low interest ratelittle to no down payment, and easy approval as long as you can proveyour ability to repay the loan. Apply Today Auto Credit Financial

Credit Information Before You Buy

After years of delays, the credit industry finally agreed to give consumers access to their personal "credit scores." This is important, because lenders use credit scores to determine who to give credit to and at what rates. Knowing your credit score can be empowering,If it's low you can take steps to improve your credit worthiness and if it's high you may be able to use it as leverage when shopping for your next car loan.

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